Extell lands $143M Bank of the Ozarks refi for Midtown project
Developer plans 29-story residential building
Extell Development landed a $143 million loan from Bank of the Ozarks to refinance one of its Midtown projects.
The mortgage covers three parcels at 201 West 54th Street, 846 Seventh Avenue and 1706-1720 Broadway, which all sit on a single block along 54th Street between Seventh Avenue and Broadway. In November 2015, Gary Barnett’s [TRDataCustom] Extell filed plans for a 29-story residential building at 842-846 Seventh Avenue. It looks like Barnett has yet to land a construction loan.
Bank of the Ozarks declined to comment, and Extell could not immediately be reached.
The new loan replaces a $190 million mortgage from the same lender, which had $130.2 million in unpaid principal remaining, property records filed with the city Wednesday show.
Last month, Extell refinanced a $235 million loan at its Central Park Tower condo development after it struggled to land construction financing.
Arkansas-based Bank of the Ozarks has emerged as one of New York’s most active construction lenders in recent years.